India's banking sector plays a pivotal role in the country's economic growth and financial stability. Among the various categories of banks in India, public sector banks, often referred to as nationalised banks, hold a significant share of the market.
Nationalisation of banks in India began in the 1960s and 1980s, with the aim of ensuring equitable access to banking services and promoting economic development. In this article, we provide a comprehensive list of public sector banks in India
Established in 1955, the State Bank of India is the largest and oldest public sector bank in India. It has a vast network of branches and ATMs across the country and also operates internationally.
Founded in 1894, Punjab National Bank is one of the oldest public sector banks in India. It has a significant presence in Northern India and offers a wide range of banking services.
Bank of Baroda, established in 1908, is known for its global presence. It provides banking services across various sectors, including retail, corporate, and international banking.
Founded in 1906, Canara Bank has a strong presence in South India and offers a comprehensive suite of banking and financial products.
Union Bank of India, established in 1919, has a widespread network of branches and ATMs and offers various banking services to its customers.
Founded in 1907, Indian Bank is known for its customer-centric approach and has a significant presence in Southern India.
Bank of India, established in 1906, is one of the oldest nationalized banks and offers a wide range of financial services to its customers.
Founded in 1911, Central Bank of India has a strong presence in various regions of the country and provides banking services to diverse customer segments.
Indian Overseas Bank, established in 1937, has a significant international presence and caters to both domestic and overseas customers.
UCO Bank, founded in 1943, is known for its personalized banking services and has a strong customer base.
Established in 1935, Bank of Maharashtra primarily operates in the western and northern regions of India and offers a wide range of financial products.
The Industrial Development Bank of India (IDBI) was established in 1964. Although it started as a development financial institution, it later transformed into a commercial bank.
Vijaya Bank, founded in 1931, was amalgamated with Bank of Baroda in 2019. It was known for its customer-centric approach and efficient banking services.
Dena Bank, established in 1938, merged with Bank of Baroda in 2019. It had a strong presence in Western India.
Oriental Bank of Commerce, founded in 1943, merged with Punjab National Bank in 2020. It offered a wide range of banking services.
Public sector banks, also known as nationalized banks, have been instrumental in providing banking services to diverse segments of the Indian population. They have played a crucial role in fostering economic growth and financial inclusion.
While the list above includes some of the prominent nationalized banks in India, it's important to recognize the evolving nature of the banking sector and the potential for changes and mergers in the future.